I have heard a lot about robot trading software. Can someone tell me in detail about it?
Hi, do you mean trading on the forex market by robots or software to create robots? Regards Greg
Robot or EA can be profitable only for a certain time. That too if you use the robot effectively. You need to have the good idea of the strategy that is used in the EA.
I spent a long time researching this:
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There is a HUGE amount of fake cash grab EA’s that give you a dodgy backtest and some demo results and people get suckered in.
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Backtests dont mean anything because it can be curve fitted, market is always changing too, even the best AI couldnt predict what will happen due to random news events.
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Avoid anything to do with martingale, grids and ‘trained neural networks’, these are just prone to bad results after reading thousands of comments.
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Anything with a big drawdown isnt worth it.
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Even if the EA has been tested on a real account you are not guaranteed same results, things like broker choice, execution speed, account balance all affect it.
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There are profitable EA’s though, there are just rare… I would advise to forward test using small lots and withdraw often, after all you are in the hands of someones code, you might go to the toilet, come back and your account blown.
there are some reliable ones but due diligence is really important when deciding which one. I prefer manual trading
There is demand there is supply, if new users were not looking for quick profits, there would not be so many “poor quality” robots